What Is DeepOnion?

What is DeepOnion (ONION)?

DeepOnion is an anonymous cryptocurrency operating through a secret Internet network Tor and on the X13 algorithm. The bulb with the keyhole on the emblem of DeepOnion hints at the onion routing system used - the technology of anonymous data transfer in a computer network.

To ensure complete anonymity, all transactions are carried out through the Tor network, which completely hides the user's IP address. This not only provides a high level of confidentiality but also negates the ability to track payments. In addition, the project uses a number of other technologies:

DeepVault – allows you to store information safely in the DeepOnion blockchain, while the ability to change it is completely absent.

DeepSend – provides anonymous and non-tracked transactions through the use of multi-signatures.ONION cryptocurrency has the following technical parameters:

the mechanism for achieving consensus is a hybrid, combining both Proof-of-Work and Proof-of-Stake;hash algorithm – X13;

the number of blocks to confirm the transaction – 5;

final issue volume – 25 million coins;

block generation time - with PoS – 60 seconds, with PoW – 240.

Where did DeepOnion (ONION) come from?

The project started in August 2017. Neither crowdfunding nor ICO was carried out, the implementation of the coins occurred through an airdrop. The project team has 21 members who hide their names under their nicknames:

Deeper – Community Manager and Marketing Director;

Monocolor – Lead Blockchain Developer, specializes in working with C++;

Nezero – Mobile App and Blockchain Developer who created DeepOnion Android mobile wallet;

Impressive – Web App Developer and Designer, Crypto-Enthusiast;

DogLover – Web App Developer and Designer with over 17 years of experience in SEO and SEM.

The goal of the project is to create a fully anonymous decentralized payment system, where users, while maintaining confidentiality, will be able to make not only instant, but secure payments.

What are the advantages of DeepOnion (ONION)?

1. A high degree of security for each transaction performed
   
   Thanks to a reliable wallet with a high level of security, 100% anonymity of transactions are ensured, as well as government surveillance and other persons are excluded.
2. Prompt confirmation
   
   No need to wait for hours, the whole transaction takes less than a minute.
3. Secure wallet
   
   It can be used for iOS, Windows, Linux. It is possible to create a paper wallet.
4. Distribution is absolutely free

What are the disadvantages of DeepOnion (ONION)?

1. ONION has a not very developed infrastructure, therefore it is not traded on top exchanges
2. The small community

How to exchange crypto on SimpleSwap?

To learn more about other cryptocurrencies, feel free to read the SimpleSwap Blog. If you want to purchase some crypto, make sure to check this instruction:

1. For example, you want to swap BTC to ETH. Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Then enter the amount you want to swap.
2. Select ETH in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
3. Click the Exchange button.
4. Enter the Recipient's Address. ETH will be sent there. Be careful and make sure you use the correct address.
5. Create the exchange.
6. You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to ETH exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.